Surge in research and development activities is expected to drive the Global Plant Growth Regulators Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Plant Growth Regulators Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Plant Growth Regulators Market stood at USD3.17 billion in 2023 and is anticipated to grow with a CAGR of 4.27% in the forecast period, 2024-2029. Initiatives taken by government based on plant growth regulators has led to favorable market conditions for the Global Plant Growth Regulators Market. Several factors contribute to the growth of various plant growth regulators products.
In the United States, the Environmental Protection Agency (EPA) plays a vital role in safeguarding the environment by regulating the use of Plant Growth Regulators (PGRs). These regulatory measures ensure that the application and utilization of PGRs, such as the pesticide Chlormequat chloride, are effectively controlled. Currently registered as a PGR for use in ornamentals grown in greenhouses and nurseries, the EPA has proposed new uses for Chlormequat chloride, thereby expanding its range of applications.
Recognizing the importance of biosafety and biosecurity, the U.S. Government has taken the initiative to launch the Biosafety and Biosecurity Innovation Initiative. This forward-thinking initiative aims to mitigate biological risks while simultaneously advancing biotechnology and biomanufacturing innovation. By fostering a sustainable, safe, and secure American bioeconomy, this initiative indirectly supports the development and utilization of PGRs, thereby contributing to the overall growth of the market.
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In recent years, advancements in agricultural technology have had a profound impact on the plant growth regulators (PGRs) market. Through continuous research and development efforts, scientists and experts are tirelessly working towards the creation of even more efficient and effective PGRs. These innovative solutions play a pivotal role in bolstering global crop production by effectively mitigating various environmental stress factors that crops often face, such as drought, extreme temperatures, and nutrient deficiencies. By harnessing the power of advanced PGRs, farmers and agriculturalists can optimize crop growth and yield, ensuring food security and sustainability for a growing population.
The Global Plant Growth Regulators Market is segmented into type, crop type, regional distribution, and company.
Based on its crop type, the fruits and vegetables segment held the largest market share in the forecast period. One of the key factors that can be attributed to the growing health-consciousness among consumers is the increasing awareness of the importance of a healthy lifestyle. As individuals become more aware of the impact of their dietary choices on their overall well-being, there is a rising demand for healthier and more nutritious options.
The rising income levels of consumers also play a significant role in driving this trend. With higher disposable incomes, consumers are now more willing to invest in their health and opt for products that promote a healthier lifestyle. In particular, the fruit and vegetable segment is experiencing a significant acceleration in demand as consumers prioritize incorporating these nutrient-rich options into their diets.
Based on region, Europe segment is expected to grow during the forecast period.
The increasing awareness and demand for organic food, coupled with the strict regulatory frameworks governing maximum residue levels in agricultural soil, have significantly contributed to the rising popularity of crop growth regulators among European farmers. These regulators, known for their environmentally friendly nature, offer a sustainable solution for enhancing crop growth and yield. As a result, the European market for crop growth regulators is poised for substantial growth in the coming years.
Major companies operating in Global Plant Growth Regulators Market are:
- BASF SE
- Bayer Crop Science AG
- Corteva Agriscience AB
- Syngenta AG
- Nufarm Limited
- Sumitomo Australia Pty Ltd
- TATA chemicals limited
- Arysta Lifescience Ltd
- FMC Corporation
- UPL Limited
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“As the global population continues to expand and arable land diminishes, the agricultural sector faces mounting pressure to boost productivity and yield to meet the rising demand for food. In this context, plant growth regulators emerge as pivotal tools in agricultural practices, offering strategic solutions to enhance crop quality, increase yield, and improve stress tolerance. By leveraging these regulators, farmers can optimize plant growth and development, resulting in healthier crops with enhanced resistance to environmental stresses such as drought, disease, and adverse climatic conditions.
This not only addresses the immediate need for high-quality crops but also contributes to the long-term sustainability of agricultural systems by maximizing resource efficiency and minimizing environmental impact. Hence, the utilization of plant growth regulators represents a proactive approach towards meeting the challenges posed by global population growth and dwindling agricultural resources, ensuring food security and resilience in the face of evolving agricultural landscapes.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Plant Growth Regulators Market By Type (Auxins, Gibberellins, Cytokinins, Absicisic Acid, Ethylene), By Crop Type (Cereals, Oilseeds and Pulses, Fruits and Vegetables, Turf and Ornamentals, Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of Global Plant Growth Regulators Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Plant Growth Regulators Market.
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